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cells of the economy, not just the u.s., but the global economy. a lot of news, and assault team coverage with nicole petallides. once again standing by the new york stock exchange. a big sell-off. phil flynn at the cme tracking down the commodities, especially metals. jo ling kent is here with a very troubling story about china that we are following, but first to you, nicole. your headline please. >> reporter: to the big deal here is watching the volatility. we had a lot of 200. swings in the last 21 days since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed starts talking about a brief. the dollar is soaring
point. the economy is soft, inflation virtually non-existent and i'm just going to add why risk deflation when we barely have a recovery at all? one major consequence of the bernanke policy of ending bond purchases is the big jump in interest rates and that, in turn, changes stock market valuations and that is one big reason for the large correction in stocks this week. no one can foretell the future. least of all, me. but let me just ask a couple of questions here. have treasury rates completely discounted an end to qe, okay? i don't think they have. here's my fear. i'm just going to say this. if you play this out, the ten-year treasury ought to be the same as the growth of total spending or nominal gdp in the economy and that's 3.5%, maybe 4%. we're at 2.5% on the treasury. in other words, in the last year we'll be looking at rates going to 4% in treasurys and i don't think that's in the market yet. now, also, will both stocks and bonds play cat and mouse with the fed? every day, every week, every month for the next couple of months. that's going to be a tough one. since i don
. >> the economy has suffered, and so have local businesses. in that sense, i do not support further protests, but if the prime minister had expressed himself better, if he had been more accommodating, things would never have got so bad. he likes to project power. this is how he travels to his political rally. to his critics, the heavy- handed police response to the protest symbolizes the heavy- handed attitude of his government. for some, enough is enough. >> they do not want to be told how to lead their lives, how many children they should have, what kind of bread they should eat, what they should drink or not. they are just fed up. it is also partly a reflection of the fact that people decided that they needed to speak up, to sort of remind the government that there are these other people out there who have a different view of how the country should be run and that their views should be respected and taken into account. >> so at 9:00 every night, they bang their pots and pans in noisy protests against the government that has won three elections and looks set to win another. they are callin
suggest that the economy's doing better. if we continue to escalate a lot higher, like we have been -- i mean, we're up 87 bips on the 10-year in a month and a halftime. if we continue with that pace, that's what will cause the volatility, i think you want to use the volatility to pick out long-term themes -- in housing, aerospace, the industrials, and even start to look at the defensive stocks as they come down. >> rebecca, part of the issue for the markets has been currencies, has been credit, obviously. i mean, the dollar soaring against all currencies, right? euro, brazil, across the board. >> i think the dollar is likely to stay strong. the u.s. interest rate trend, i think, is going to be with us for a while. maybe not 30 years like falling interest rates were. but it could be for a couple of years. and so, if we're in that environment where you have rising interest rates, a stronger dollar, weaker commodity prices, when you think about the u.s. stocks you want to own, you want to think about names that are going to do well in a strong dollar, weak commodity environment. there are
today, and roughly 2% under performing economy, there's just no reason for interest rates to jump higher. the u.s., by the way, is really the only global stock market game in town. our companies are profitable. so at these levels it may not be roaring bullish. i don't think the fed is going to taper down tomorrow, and i do believe the bull market is far from over. that's my take. let's welcome kenneth heed ner. and i'm joined by george gilder. he has the book "knowledge is power." ken, what say you? >> i say that we have a number of years of growth ahead of us in the economy. it's growing at 2%. it's going to accelerate as consumer confidence rises with rising housing prices. we'll see 3, 4, 5% growth rate. >> 3, 4, 5%, those are big numbers. you had an okay housing number today but housing starts are up 29% on year. here's my inflation point. the year-to-year cpi, 1.4%. guys like me two years ago worry about inflation, money printing, i was wrong. i said that before. the best set indicator, 1.0%. without inflation, why should inflation rates have to go higher? >> they go a little bit hi
what he said? valuations are attractive still. businesses are doing well. the economy is strengthening. get this. he says even with $20 billion, he opportunity have enough money to take advantage of all the opportunities here. >> 20. it's not all his. >> he says he's not looking at this point like, look, maybe the rate of the market has slowed down. we're not talking about three year doubles at this point. he says for his funds he's looking more five or six years for doubling. maybe nine or ten for the market. still talking about a very strong market and a place he sees great opportunity. >> these are times you try to keep your cool. >> got to have some powder. got to have dry powder. >> i wish we had all the guys looking for -- if they were to come on and say no, no, no, i'd feel better. they're never able to pull the trigger. want to go overseas? >> i think we should. for a moment. >> take us there. >> i hear this whole thing in china is kind of just not just ben bernanke creating some problems. let's talk about trading in asia and europe today. ross westgate standing by in london. f
-changer? the economy getting better? >> think investors don't believe what bernanke is telling us. that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the shore wagon as well. i think it is a combination of profits and the move down today. >> have you a triple witch tomorrow right? expiration coming tomorrow. how does that impact things? >> i think that exaggerates the moods. usually you see a lot of activity and volume and movement. and what we have seen the last few days is a heavy down days. i think the on coming combination exaggerate the move and puts pressure in that direction of the movement in this case down and exaggerate this move. not quite a bit but, significantly
are noticing changes in the economy so they're planning some changes for themselves. ai uchida joins us from the business desk. what do they see? >> they've seen the housing market improve, consumer confidence, household spending. in fact when the chairman of the u.s. federal reserve looks to the future, ben bernanke likes what he sees ahead for the economy. the central bank has pumped billions into financial markets over the last several years, but bernanke says later this year the fed could begin slowing the pace of stimulus. federal reserve policymakers released a statement after meeting for two days. they decided to continue buying government bonds at the current rate of $85 per month. but bernanke says they could change their tactics as the labor market changes. >> and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around midyear. >> bernanke said the jobless rate should be down to around 7% from the current 7.6% by the ti
't think the economy is that strong yet. that would be another conversation on the line, but i think the interest rate -- the jump in interest rates is more once again of a knee jerk reaction. >> do you agree with that, because it does feel as though we're kind of at an infliction point in terms of rates, and this has been a really big backup this week in rates even though we're still at historically low levels. >> as much as i love kenny, i disagree with the big guy. an overreaction, no. we aren't seeing an overreaction. big ben. came out with the bernanke belly flop when he inadvertently suggested that they can move the stimulus or even taper on unemployment target. went from 6.9% up to 7%. that was huge, and that's when the ripple effects and the tsunami came into the treasury pits behind me. they began selling it, and right now, sue, severe technical damage, so the treasury market, obviously 7 and above, 2.40 in the ten-year note is very difficult. equity bounced off this 100-day moving average of 15.75 which coincides with the multi-year high. a lot of people were caught offside
is not only allowing inflation, but the fact that it won't come down. and now the u.s. economy has to take into account that and the move of rates and the 1.5% move in rates is a hard pill to follow. >> and scott n the last three or maybe four, the feds have come in, and they have said, i am short the 10-year and take a boatload and every year they are wrong, and perhaps now, but to this point, we are waiting for an appreciable move in rates for year and years and the fact that the economy may not stand on its own legs is curious to me. i am curious what you are hearing out there, as well, scott, in terms of the pain people are taking on the fixed income side, and those who are not short credit and obviously watching the equities sell off. >> the market, whether it is treasuries or equities, the market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking abo
of different economies, but housing is key to the u.s. economic recovery along with jobs. how does it look to you? >> i come home from my travels i see it in my own street, that a developer bought the property opposite of us, completely overhauling the original house and building a new one right next to it, kind of noisy. sends me back in my travels again. the infliction point happened, i can tell you when it happened, whenity remortgaged and fixed, and from that moment on you've seen the tightening beginning, and this is going to be a very interesting challenge for the housing recovery as we get further indications from the fed tomorrow that there's tightening coming. that's already begun to affect mortgage rates, and if there's one thing that could cool things down it's going to be a sense that the party is over in terms of quantitative easing. >> diana, weigh in on that, you've made the very points that there may be a cooling of course, but as rates rise it may get people off the couch and into contracts. >> yeah. that's a very short-term phenomenon, and i'd be interested to hear from n
that the outlook for the u.s. economy is still quite unclear and that would dovetail nicely with what are likely to be downward revisions to the fed's forecast for the economy. if you look at the march forecasts, they were still forecasting 2013 gdp at 2.5%. and while i don't think they will go down to the sort of level that the imf was forecasting at 1.9 last friday, down grading that forecast of gdp, downgrading their inflation forecasts to levels which they previously described as sub optimal should offer markets some reassurance that as much as bernanke will stress tapering probably is going to happen, it's a matter of when. and he won't pre-judge his options. it's not something which means immediately that interest rates are going to rise. one of the things that markets seem to have to gotten, that when the fed outlined its qe exit plan in 2011, it did actually say the first thing it would do was not raise interest rates but stop rolling off or reinvesting maturing debt. >> the other thing of course is they won't be buying any fresh stuff even when they stop. and tapering doesn't mean they
is on boosting the global economy, but the war in syria is dominating diplomacy ahead of the meeting. our diplomatic editor says divisions are growing between russia and other members of the group are good -- group. >> i think there is some trust between two people, the foreign ministers john kerry, the u.s. secretary of state, and the russian foreign minister sergey lever of. when you go wider and the two administrations, there is not much trust. on the american side, they believe that russia is seriously supporting assad's ongoing onslaught which saw the fall of qusayr. i think that is one of the factors, that seriously worried the obama administration. are the russians really serious? or are they just talking about going to geneva and in the meantime trying to win the battle on the ground, giving assad a lot of assistance? the russians make the point that we have the assad regime to go to geneva. or at least they say they will go to geneva, while the americans -- their job was to bring the opposition to the negotiating table. they have not achieved that. the opposition has not signed o
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
, thank you. >> a little background on brazil. it's one of the world's largest economies coming in as number six. it was ninth in gross domestic product, it's expected to grow a 4.2%. inflation is up at 6.7% for the past year. rising rate fueling concerns there may be a another round of interest rate hikes. poverty rate stands at 21.4% with more than 41 million people considered poor. we will continue to follow the unrest in brazil. coming up later this hour, rick grenell the spokesperson for the last four ambassadors to the u.n. he will join us live. >> gregg: immigration reform is debates the turn in spotlight. next week on capitol hill, but can u.s. scenarios behind the bill actually gin up enough support for its passage. elizabeth plann has the story live from d.c. bureau. >> the immigration reform bill starting to take shape in the senate while republicans in the house continue to form what they think is a solution. just as the president says it's a pathway to provide citizenship for folks that wanted to come here and stay here legally while bringing relief to a struggling
. and the double hit of the weak chinese economy and also the fed's tapering continue to weigh on this sector. back to you. >> thanks for that. let's recap what happened in the u.s. as well. selling off for a second day. dow, s&p 500 suffering their worst day of the year. dow down 254 points. highest one day percentage drop since last november. all 30 components down with 29 of the 30 dropping more than 1%. s&p had its worst one day percentage drop since november as well. november 2011, i should say. all ten s&p sectors were down more than 2%. 96% of the stocks listed on the benchmark index ended in the red. the vix, the markets fair gauged up more than 23% to its highest close since december. joining us for more, charles steeple, head of market strategy at lloyd's bank with us for the best part of the first hour today. good to see you. it's been described as sort of a big unwind of leverage. the thing that's striking about this, of course, actually what was the hedge yesterday that paid off? maybe if you were long in the vix. otherwise you were pretty much whammied. >> yeah. i mean, it's -- heads
be achieved through diplomacy. >> talk on the global economy were less contentious. the g8 leaders say it is in better shape than last year but still needs growth. there is also agreement on working to put attacks havens out of business. they pledged more transparency to curtail tax evasion and avoidance worldwide. >> taxation is one of the big issues where the g-8 says they made progress today. >> tax evasion and avoidance were under discussion. invasion is illegal, avoidance is not, but sometimes the line between between them can be hard to draw. >> they are under fire for breaking the rules or pushing them to the limits. they want to make practices harder and tax havens from the caribbean to the heart of europe. click the picturesque villages technically in austria, but the only road in his from germany. there have never been border controls here making it easy to hide german money in the neighboring country with lower tax rates. >> there are about 4 billion euro in three banks here. more than 99% of the money comes from germany, most of it probably undeclared. clicks tax evasion ha
. the chinese economy opened up a world of opportunities. a world of brand new shoppers. >> farmers are leaving these fields and are not becoming just workers but consumers. they are off to join the middle class. >> welcome to our viewers on public television and around the globe. kennedy'sfter john f. famous speech in berlin -- president obama a vote the cold war -- with a call to stop nuclear weapons. he asked for the u.s. and russia to reduce their stockpiles by one-third. the reaction from moscow was dismissive. >> president obama inspected the troops in the city that has known to much war. facing east of the brandenburg gate, he was cheered for removing his coat. >> i am feeling so good i am going to take off my jacket. >> speaking from behind bulletproof glass, he said the city has withstood war but has to be torn down. >> we can say in berlin and europe, our values one, onwon.ce and freedom >> he said they had to help people in burma and afghanistan. >> these people want to join the free world -- free world. they want our support because they are citizens of berlin in their own way. >> h
talks with the taliban. the chinese economy opened up a world of opportunities. a world of brand new shoppers. >> farmers are leaving these fields and are not becoming just workers but consumers. they are off to join the middle class. >> welcome to our viewers on public television and around the globe. kennedy'sfter john f. famous speech in berlin -- president obama a vote the cold war -- with a call to stop nuclear weapons. he asked for the u.s. and russia to reduce their stockpiles by one-third. the reaction from moscow was dismissive. >> president obama inspected the troops in the city that has known to much war. facing east of the brandenburg gate, he was cheered for removing his coat. >> i am feeling so good i am going to take off my jacket. >> speaking from behind bulletproof glass, he said the city has withstood war but has to be torn down. >> we can say in berlin and europe, our values one, onwon.ce and freedom >> he said they had to help people in burma and afghanistan. >> these people want to join the free world -- free world. they want our support because they are citizens
of the elections. while the economy and iraq's kurdish north is booming, there is still no reliable power supply in baghdad. tangled cables apply electricity. he sewage system is ruined and streets and houses are in dire need of repair. that would mean work if it were for the -- if there went out for the constant violence. >> every time a device explodes, it takes work away from us for a week or two. no one comes to buy supplies. i have a family to feed. lex in the first round of provincial elections, the alliance prevailed, but it garnered fewer votes than the previous poll. there was voting in sunni regions that do discriminate against by the government, but many say it's not even about the sectarian conflict. it's just feuding politicians. >> i hope the elections bring change. there are no jobs. there's no electricity. i hope it gets better. >> at iraqi society is hobbled. although the people of iraq were able to cast ballots on thursday, they are not optimistic. >> markets have plunged after the u.s. federal reserve chairman said the central bank could and bond purchases next year if the eco
going off every day ahead of the elections. while the economy and iraq's kurdish north is booming, there is still no reliable power supply in baghdad. tangled cables apply electricity. he sewage system is ruined and streets and houses are in dire need of repair. that would mean work if it were for the -- if there went out for the constant violence. >> every time a device explodes, it takes work away from us for a week or two. no one comes to buy supplies. i have a family to feed. lex in the first round of provincial elections, the alliance prevailed, but it garnered fewer votes than the previous poll. there was voting in sunni regions that do discriminate against by the government, but many say it's not even about the sectarian conflict. it's just feuding politicians. >> i hope the elections bring change. there are no jobs. there's no electricity. i hope it gets better. >> at iraqi society is hobbled. although the people of iraq were able to cast ballots on thursday, they are not optimistic. >> markets have plunged after the u.s. federal reserve chairman said the central bank coul
as the economy continues to improve. but as cnbc's maria bartiromo points out, there may be a silver lining. >> every time we've seen a sell-off of 5%, a lot of people were expecting a correction of 5%. each time we've seen that, that selling has been met by buyers. they call it the so-called buy on the dip mentality. >> nbc's tracie potts has details, including what this means for homeowners. tracie, good morning to you. >> reporter: good morning. here's how you connect what's going on on wall street with the average american. when the fed says we're going to pull some of our support because the economy's doing better, that means interest rates may go up. if you're buying a car or sending a kid to college or, as you note, if you're buying a home. the housing market has been doing pretty well. take a look at the may numbers. 5 million homes sold in the month of may. that's up 4% from a month earlier. up almost 13% from a year earlier. the median home sale price right now for existing homes is $208,000. that's up 15% year over year. in fact, we've seen double-digit increases for six months i
the food away, and buy one lobster and get one lobster, and it is bad. darden blames the economy for people not spending at lo of money to buy the breadsticks. i don't want to hear that. >> and meanwhile, we think that the economy is improving and yesterday the numbers in a different environment most likely would have been positives for the equity market, but we are not overwhelmed by the worries of the philly fed, and numbers that most people thought were better than they thought it would be. >> and i look at the bonds and how is the 10-year, strong. okay. buy me 50,000, whatever. we are in one of the moments and if we are not looking at the bonds, you know, having fun. >> and something else that people were looking at is the chinese shibor. we don't talk about it a lot. >> right, something that can jump up to bite you. >> and the rate has come down overnight, and they are trying to tighten up the money supply, and tighten it up, and the corporate inflows are not as strong as they might have originally been for china, but all part of the plan in a way of 300 million people, and 15 years to
, and the future in 30 minutes. talking about how you size up the economy today, how we got into such a bad place in 2008, and what economic policy makers need to do next. i would like to start talking about the present. how do you assess the global economy and the u.s. economy, and the extent to which there is any momentum or possibility for faster growth? >> basically, i would describe both the united states and the rest of the world as being in a sluggish environment where effective demand, if we can use that old-fashioned term, is inadequate to galvanize the system in the growth. yet there is not enough downside weakness to create any significant short-term changes that i can see. there are very huge imbalances out there. what i find startling is there are so many things -- which nothing is happening. for example, the european central bank had this huge trillion-euro rise a couple years ago of the assets in their balance sheet. then it came down a little bit. and for the last several months it has been absolutely flat. in other words, the extent to hich nothing is happening. it is just not cr
gave a mostly positive review of the economy, but also in there was a warning that cheap borrowing may be coming to an end. that was the backdrop. and today the people who buy and sell stocks for a living chose to sell. and the numbers went down in a moment. we'll talk about how a lot of homeowners are watching this closely. first, however, let's go to where the damage was done. maria bartiromo on the floor of the stock exchange in new york. good evening. >> good evening to you. at this point everybody has gone home at the new york stock exchange. but it was quite the scene today as the market was plummeting. and today's 350-point sell-off comes on top of yesterday's 200-point sell-off as the federal reserve suggested the winding down of the stimulus may very well happen beginning at the end of this year. so why is that such a bad thing? basically, people are focusing on the fact that once the stimulus goes away, interest rates will begin to creep up, and that will take money out of the stock market and into fixed income, into bonds. why would i keep my money in the stock market, which
was, were they propping up the economy and stock market or can it fly on its own? that what we'll wait and see. if i'm a retail investor with a 401(k), hold tight, see what happens. it will be volatile for weeks, probably months at this point while the fed figures out how to get the stimulus out. ultimately, it will shake out to a normalized level. the underlying economy is good so i'd freak out a little bit, but ultimately just wait. >> we want to have the economy stand on its own two feet, but that's the thing here. 401(k) investors, they're not active traders, and the people trading here are probably booking profits from this huge run-up we've had. >> yeah. what it is is a very professional market right now, and you've got traders who love volatility, cashing in on this. we had a pretty tepid market for a while, wasn't a lot of daily motion, and then the fed said we're going to pull out stimulus and you've got big swings up and down. we could pop back up today, so this is a professional trader's market, not for the amateur, mom-and-pop investor. best thing is to wait it out at this
economy wise that could come to fruition in the next couple of months. however, i think right now we have overcome it. in the next couple of days we are going to get back above $95 in crude oil. >> all rightquickly on japan. >> you know, everyone is talking about this right now. quantitative easing is the big thing. there seems to be a disconnect between china and japan. i don't have any clear-cut answer. liz: everyone needs to watch out. economics may not be what they seem. thank you for joining us. have a good weekend, guys. investors are switching away from oracle stock. this after the company's earnings report failed to excite anyone here. >> that is right, there is a lack of quarterly numbers that came out. revenue was a disappointment. see the stock isn't down 9% and it has been sitting there all day long. it sat there all day. what is also big news is we know the nasdaq and the new york stock exchange and anybody who knows these two know that they battle it out. they battle it out. oracle will be the largest to leave the nasdaq and come over to the new york stock exchange. that was
would need to see a more sustainable real improvement in the economy before we saw any reduction in his quantitative easing. if we look at recent economic data, ism manufacturing, with a reading below 50 to me, that's not necessarily an improvement in the overall economy. i think we can look through the announcement tomorrow. it will be hard. there will be some volatility. by and large i think it is more an issue of 2014. liz: but, edward, is it fair to say you wouldn't necessarily change your investment strategy on what the fed will or won't do? >> that's correct. we're a bottom-up stock-pickers. we're looking at individual securities that kind of have a technical profile that is attractive to us, a fundamental profile that is attractive to us. we may take advantage of some of the short term volatility trimming winners and taking advantage of some of the weakness. by and large we're looking over next 12 to eight teen months and think this is another ssdeshow. david: let me follow up on that and what liz was saying. what if bernanke says what the market really doesn't want to hear? the
on the economy but signaled this in no way means rates will go up. that led to a bit of a swoon in stocks during the session yesterday. the dow gave up more than 100 points. robin harding, who wrote the article, then took to twitter to tell everyone to chill out. he later defended his piece on cnbc's "fast money." >> the fed has a one-week blackout during which it doesn't say anything to anybody. so, people need to react to the content of the story rather than the existence of the story. and what i've seen happening today, and i think we saw it happening last week, too, is the market was reacting as if there's some secret bat signal coded here. >> asked if the article was timed for the greatest market impact, harding says he has nothing to do with that, that "the ft" sends out pieces when they write them. i mentioned mr. draghi as well. he says the ecb is looking at negative to positive rates with an open mind and with all intended consequences, rates becoming more effective. again, another measure we looked at on the considered possibility of having a break on deposit facilities, speaking in je
in years? plus, how the dow's plunge could be a good sign for the economy. >>> new overnight. word of a near miss in the skies above new york city. how two jets almost collided in midair. >> the incredible story of a deaf boy hearing for the first time. inside a medical breakthrough. >>> and the miami heat go back to back, repeating as nba champs. >>> but we begin this morning with a look at today's eye opener. your world in 90 seconds. >> people in hedging their bets. >> wall street tries to rebound after a massive sell-off and stocks tumbling. >> yesterday, the dow plunged, its biggest point drop since 2011. >> anxiety mounted over potential of the stimulus reserve to end. >> snowden under investigation. the inspector general race been looking into the company. >> we do believe there may be some problems. >> senate leaders appear to have reached a compromise on immigration reform but the deal is likely to face stiff opposition in the house. >> for peepople concerned about border security, once they see this bill it's almost overkill. >> it's back-to-back
there backing up investors. the fed was promising that if the economy didn't inprove, don't worry, we're going to continue with this very easy monetary policy. make sure there's plenty of money. a lot of liquidity. bernanke really made people realize that this pulling back, the tapering of the fed, this almost tightening, because they're not going to be as easy as they've been, this was the warning signal this was going to happen. a lot people had been pushing this out to 2014. maybe 2015. ben bernanke made it clear. this is going to be happening potentially even this year. and, you know, they say they don't ring a bell at the top of our markets. that that's the big question and the big game you have to play when you're investing. this was almost a bell to all those investors who worried, okay, this is a massive change, this is the time we need to move. that's what's been happening here. we do look like we're going to open by 60 points but that was about half the gains we saw early this morning. >> the market got its bell rung this week. have a great friday. enjoy your weekend. >>> we move on.
pulls the jumper cables off the drained battery that's been the economy, a healthy financial sector could be good, needed, and essential for a sustainable economic recovery. >> you mentioned oracle, nick. a lot of people were looking at oracle and saying this is evidence that global growth is slow. so what did you see in the oracle numbers? >> when we look at the numbers for all of the companies, things that are still tied into the emerging markets -- >> i see. >> -- the emerging economies are still struggling the most. when we collect all of the economic data, it's saying come home to the u.s. and so, some of the defensive sectors, the financials as well, we still like best some of the trends. not utilities, but telecom we like. when it comes to certain technology sectors and materials, energy, industrials, you know, these emerging economies, there's some scary things going on, particularly with the short-end rates in china. >> and the outflows prove it. >> yeah, rick santelli, how much higher on the 10-year yield, do you think in. >> i wish i could tell you. if this was a normal m
of growth including supporting demand because economic prospects for the global economy remain weak. sounds like austerity is going bit wayside. in a statement reportedly released after the force working session today, leaders said optimism in financial markets we've been seeing has yet to translate fully into broader improvements in economic activity. they endorsed continued monetary policies from central banks that could help the recovery. now this morning the president and european leaders separately announced that they will start talks to build a big, new, transatlantic, free-trade agreement between the u.s. and the european union. one study says it would boost trade by more than $200 billion a year. the president will host the first round of talks here in washington starting next month. >> this transatlantic trade and investment partnership will be a priority of mine and my administration. it is important that we get it right. and that means resisting the temptation to downsize our ambitions or avoided tough issues just for the sake of getting a deal. >> this afternoon, president obama
are crippling iran's economy and creating unemployment. rouhani says they are backwards and regressive and now is a time of opportunity for improves international relations. he expressed his hope for better relations with arab countries and an end to the syrian conflict. >> the problems facing syria today can only be resolved by the people of syria. the destiny of syria can only be decided by the syrian people. >> rouhani is expected to take office in a month and a half. until then, mahmoud ahmadinejad is still the president and now has been summoned to court in november after parliamentary speaker larijani filed an official complaint. the contents are unknown. it appears mahmoud ahmadinejad will still be in the spotlight even after he leaves office. al jazeera, tehran. >> you're watching al jazeera, a reminder of our top stories. the war in syria is dominating most of the talks in the g-8 summit in northern ireland. vladimir putin and barack obama have met but are struggling to agree on a way to end the violence. the british government meanwhile has been accused of spying on foreign leaders i
economy and its problems. halfey represent just over of the $71.7 trillion global economy. we are live close to where the summit is taking place. they were all smiles in front of the cameras, but behind closed doors, was it a different story? >> apart from vladimir putin. >> of course. >> for all of the talk that the g8 is seen as talking shop and cannot get things done -- syria, for example -- i have to say the british, in particular, this morning have been making positive noise on forward movement on better tax arrangements. the british chancellor said there had been more progress made in the last 24 hours than the last 24 years. what they are trying to do our new arrangements on two different issues -- corporate tax avoidance, multinationals in theing tax loopholes europe and the developing world, and on tax evasion, which is illegal, even though tax avoidance is legal. ory are trying to close down get better transparency on all of these british islands, to see where money might be being hidden you legally. the great -- illegally. the great prize is if they get the people to pay tax
of it is a collection of shabby tents, it is more like a city with its own economy, institutions, social fabric. so dismantling this place is more complex than simply pulling up those tents. arrivalse earliest pitched camp here in the first wave in 1994. he now has a thriving business, two wives, and three grandchildren with another on the way. there is still a lot of danger. i recognize it is my homeland but i cannot go back there. in my heart, this is my home. this is where i have lived peacefully for a long time. a refugee camp for many, a real home for many more. >> there is a drive britain to draft new laws that could see reckless bankers jailed. the british government supports a recommendation a by a committee reviewing banking standards in the uk, making bank a such as this in a criminal offense. >> as they put it, high standards in banking should not be a substitute for global success. on the contrary, can a -- they can be a stimulus to it. we already support of the recommendations on new criminal and canceling bonuses where bands are bailed out. been --on designer has fashion designers hav
. this is singapore's central business district, the poor sink -- pulsing heart of singapore's economy, but today, you see the building stranded and smoke. there is a dry, accurate taste in the air. you can feel it in the back of your throat. -- there's a dry, accurate -- there's a dry, acrid taste in the air. his is where the fumes are coming from. hotspots on the indonesian island of sumatra where farmers use/and burn techniques to clear the land -- use slash and burn techniques to clear the land. >> ideally, we would like the fires to be put out. if any of these fires were illegally started, then whoever is responsible for them to be brought to justice. for the long term, what we need to do is cooperate with the indonesians as we have been to work on developing sustainable agricultural practices. >> the cost of the smog is yet to be counted, but it could be in the billions. had economichaze costs estimated at more than $9 billion and reportedly made 20 million people ill across the region. looks ugly there in singapore. you are watching "bbc world news america." still to come -- what do this briti
to america. the fed has announced it may no longer buy bonds to release money into the u.s. economy. u.s. stocks went down by more than two percent, the deepest single day fall since november. disappointing chinese economic data also hurt local sentiment. korean rebels are asking for more military support from its international palace. members of the free syrian army say a no-fly zone over parts of the country could help her event a unitarian disaster. -- a humanitarian disaster. the group believes syrian government forces will try to retake aleppo. a video posted online shows them battling government fighters there. the un's, humanitarian chief has given her assessment of the crisis. valerie amos says this disregard for human life and dignity has reached unprecedented levels in syria. she has been briefing members of the security council. >> a u.n. joint assessment mission was finally allowed on the 15th of june. they basically found a ghost town. weeks of heavy fighting and shelling have left the city almost totally destroyed. , raised my concerns that where there is active conflict
: investors say the storm is, in part, because of some good news about the economy. last month, employers added 175,000 new jobs with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession mean he is the federal reserve could pull back on its stimulus pro, which has pumped billions into the system to help drive growth. >> our economy is getting better and now it's time for us to see how we can do it on our own. >> reporter: potential shift by the fed has shaken some investors who feared the economy is not as strong as it seems. some also worry record low interest rates could disappear. already, mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming deterrence with the new reality. >> once we get through that period, i think we are going to realize that we are going to be okay and things will get back to normal. >> reporter: now, financial advisers say the best advice for average investors not to panic, to stick it ou
indicator. how good is the economy generally? fedex earnings tell you. they're telling us that business is pretty good. so, nicole, what's happened to fedex stock in the early going? >> what we're seeing is the stock is up 1.7%, and international package volume is lower, and they face intense competition, they said that the folks were switching from the more expensive price here, premium package sending to lower cost options and the stock is up 1 1/2%. so, i don't know, enlighten me. and what is the good news here? it didn't seem like good news to me, or at least not yet. >> i'll give you good news from an investor point of view. >> what more do you want, young lady? okay. i checked the dow, as we suggested, flat to slightly lower, and 15 seconds of business. two other stocks that we're watching, tesla, they recalled 800 of their model s electric cars, there's a problem with the mounting bracket in the back seat. it's dead flat this morning and then dreamworks animation, they put the shrek franchise and more on netflix and make an animated series for netflix and their television busines
situation, but not so much about the economy, the broader economy, and their own country or the world. my question for janet is, the surprising thing to me about this report is that north america and the developed countries are actually back on top when it comes to wealth creation. if you look at china, you look at brazil, russia, the developing, emerging markets, which are supposed to be the new thing when it came to the world of wealth, and they're really secondary now. did we all get too bullish when it came to wealth creation in emerging markets? >> i think we're looking at short-term patterns here. the belief is when we look at asia-pacific, some of the developing economies, they will probably be back on top in the near term. particularly asia-pacific, which we think will have the fastest growth rate to 2015 where we think world wealth will be -- find net worth over 55 trillion. think about the volatility in the marks. in 2010, 2011, and think about what the u.s. markets did and, quite frankly, u.s. real estate. so it's really not a surprise. we flip-flopped a little bit in 2012 with
economy for 160 years. bnsf, the engine that connects us. >> by bp. >> and by at&t. >> and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: it could be a breakthrough moment in the longest conflict in american history. u.s. and afghan peace negotiators are going to sit down with the militants who've been battling american troops since 2001. after 12 years of war, senior u.s. officials now say direct talks with the taliban are scheduled to begin within the next few days. the news came as president obama wound up a meeting with french with the at the g8 summit in northern ireland. the president said that the taliban must come prepared to make concessions. >> including the taliban is going to need to accept an afghan constitution that pronounces against violence is committed to
we've got to get the economy jumpstarted and back on track in a manner that is sustainable for the programs that we all care about. one of of the ways to clearly do that at the -- at the cbo has indicated, and this is a nonpartisan operation, is to pass copperheads if immigration reform that provides an additional piece of evidence as to why this is so significant for us to get done and to get done sooner rather than later. ,ost: congressman jeffreys what is another issue, before we go to calls, that you focus on or that you think the congress should be addressing? i think we have to do with the gun violence problem we have in america. it is, katie, i understand that, but certainly as americans focus on the problem, and the aftermath of the tragedy in newtown, connecticut, the issue that we confront in the district, i represent a very urban district that has several neighborhoods in east new york,: the island, brownsville, that in the last several decades have gunrienced issues in violence. almostevery reagan, -- every weekend, there is an issue that has resulted from an il
're seeing is ben bernanke is taking the training wheels off the economy. or will eventually be taking the training wheels often by pulling out all the quantitative easing, all the bond buying the fed has been doing. several rounds of this quantitative easing. it's boosted house prices. it's kept mortgage rates down. everybody's nervous when the fed stops buying up all these bond, the economy might not perform all that well and stocks are going to look a little expensive. so that's why you're seeing stocks sell off. that's why you're seeing mortgage rates go up. the ten-year treasury note is rising. the highest it's been in a couple years. think of ben bernanke as a drug dealer, he's taking the drugs away from the economy. >> everybody coming down from that high, as it were. the president in a conversation with charlie rose hinted bernanke would not serve a third term as fed chair. i'll play you a sound bite from that conversation. and then get your thoughts. >> ben bernanke's done an outstanding job. ben bernanke's a little bit like bob mueller, the head of the fbi, where he already s
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
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